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ITAT held that sending hearing notices to a wrong email ID violated natural justice. The ex-parte order was set aside, and the matter remitted for fresh adjudication.
NFRA’s investigations revealed gross negligence in audits of PIEs, including Coffee Day, Reliance, and Zee, with auditors failing to detect fund diversion and related party irregularities. Disciplinary actions and new guidelines reinforce accountability.
By regulating auditors and corporate accounting, NFRA protects investors and creditors, ensuring accurate financial reporting. It operates independently with strong enforcement powers.
The ITAT held that reassessment notices must be issued through NFAC under the 2022 Faceless Scheme. A JAO-issued notice violates the mandatory procedure and stands invalid.
Tribunal quashed CIT(A)’s cryptic order that upheld addition based solely on IDS declaration. The case is remanded to ensure a fair hearing, full analysis of the Joint Development Agreement, and accurate determination of tax liability.
The Tribunal held that the CIT(A) failed to give a reasoned order on land ownership and capital-asset status. The case is remanded for fresh adjudication and proper hearing.
The ITAT held that a provisional addition under Section 56(2)(x) cannot be finalized without a Departmental Valuation Officer’s report. The case was remitted to the AO for proper valuation and reassessment.
The Tribunal emphasized that even pending SLPs cannot override the statutory 10-year limitation for assessments. Revenue’s attempt to reopen AY 2010-11 under Section 153A was rejected, upholding the CIT(A)’s quashing of the order.
The Tribunal held that exemption under Section 13A does not automatically relieve the payer from deducting TDS on interest paid to political parties. It found the earlier High Court ruling relied upon by CIT(A) to be distinguishable. The matter was remitted to the AO to test compliance with the first proviso to Section 201.
